THE BEST DIVERSIFIED PURE PLAY

ESTÉE LAUDER COMPANIES:FABRIZIO FREDAPRESIDENT AND CHIEF EXECUTIVE OFFICER

Statements in this presentation, including remarks by the CEO and other members of management, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may address our expectations regarding sales, earnings or other future financial performance and liquidity, product introductions, entry into new geographic regions, information technology initiatives, new methods of sale, our long-term strategy, restructuring and other charges and resulting cost savings, and future operations or operating results.

ateactual results to differ materially from our forward-looking statements include the following:

(1) Increased competitive activity from companies in the skin care, makeup, fragrance and hair care businesses;

(2) ful

(3) Consolidations, restructurings, bankruptcies and reorganizations in the retail industry causing a decrease in the number of storrs that are retailers and our inability to collect receivables;

(4) Destocking and tighter working capital management by retailers;

(5) The success, or changes in timing or scope, of new product launches and the success, or changes in the timing or the scope, of advertising, sampling and merchandising programs;

(6) Shifts in the preferences of consumers as to where and how they shop;

(7) including changes in foreign investment and trade policies and regulations of the host countries and of the United States;

(8) Changes in the laws, regulations and policies (including the interpretations and enforcement thereof) that affect, or will affecchanges in accounting standards, tax laws and regulations, environmental or climate change laws, regulations or accords, trade rules and customs regulations, and the outcome and expense of legal or regulatory proceedings, and any action the Company may take as a result;

(9) prices at which the Company and its foreign competitors sell products in the same markets

(10) Changes in global or local conditions, including those due to the volatility in the global credit and equity markets, natural or man-made disasters, real or perceived epidemics, or energy costs, that could affect consumer anc

itions, the returns that the Company is able to generate on its pension assets and the resulting impact on funding obligations, the cost and availability of raw materials and the assumptions underlying the Compan critical accounting estimates;

(11) Shipment delays, commodity pricing, depletion of inventory and increased production costs resulting from disruptions of operatiodistribution or inventory centers, including disruptions that may be caused by the implementation of information technology initiatives, or by restructurings;

(12) ionother facilities;

(13) Changes in product mix to products which are less profitable;

(14) elycontinuous operations of such systems and the security of data and other information that may be stored in such systems or other systems or media;

(15) -announced strategies and restructuring and cost-savings initiatives, and to integrate acquired businesses and realize value therefrom;

(16) Consequences attributable to local or international conflicts around the world, as well as from any terrorist action, retaliation and the threat of further action or retaliation;

(17) The timing and impact of acquisitions, investments and divestitures; and

(18) port on Form 10-K for the fiscal year ended June 30, 2018.

The Company assumes no responsibility to update forward-looking statements made herein or otherwise.

FORWARD-LOOKING INFORMATION

Presentation materials include non-GAAP financial measures and adjustments relating to: constant currency; charges associated with restructuring and other activities; goodwill and other intangible asset impairments; changes in the fair value of contingent consideration; the transition tax under the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax

hment of a net deferred tax liability related to foreign withholding taxes on certain foreign earnings resulting from the TCJA; China deferred tax asset valuation allowance reversal for advertising and promotional expenses; impact of accelerated orders associated with the July 2014 Strategic Modernization Initiative (SMI) rollout; remeasurement of net monetary assets in Venezuela and interest expense on debt extinguishment. Beginning in fiscal 2019, the Company adopted a new accounting standard related to hedging that resulted in gains/losses on our foreign currency cash flow hedging activities to now be reflected in Net Sales, where in prior periods they were reflected in Cost of Sales and Selling, general and administrative expenses. To better assess our performance in a constant currency environment, beginning in fiscal 2019 we are excluding the impact of these hedging activities in our constant currency calculations. We use certain non-GAAP financial measures, among other financial measures, to evaluate our operating performance, which represent the manner in which we conduct and view our business. Management believes that excluding certain items that are not comparable from period to period, or do not reflect our underlying ongoing business, provides transparency for such items and helps investors and others compare and analyze operating performance from period to period. In the future, we expect to incur charges or adjustments similar in nature to those listed above; however, the impact to our results in a given period may be highly variable and difficult to predict. Our non-GAAP financial measures may not be comparable to similarlytitled measures used by, or determined in a manner consistent with, other companies. While we consider the non-GAAP measures useful in analyzing our results, they are not intended to replace, or act as a substitute for, any presentation included in the consolidated financial statements prepared in conformity with U.S. GAAP. Information about GAAP and non-GAAP financial measures, including reconciliation information, is included on

NON-GAAP DISCLOSURES

PRESTIGE BEAUTY IS ONE OF THE MOSTATTRACTIVE CONSUMER SEGMENTS

Market Leading Repurchase Rates

Affordable Luxury

Aspirational Brands

Pricing Power

WE ARE THE BEST DIVERSIFIED PURE PLAY

Solely focused on prestige beauty

We are well diversified by:

BrandsCategoriesGeographiesChannelsConsumer SegmentsPrice Points

COUNTRIES REPRESENTING HALF OF

SALES GROWING >6%

BRANDS REPRESENTING >70% OF SALES GROWING >6%

LEADING IN FAST GROWING TRAVEL RETAIL

AND ONLINE CHANNELS

LEADERSHIP IN SKIN CARE, MAKEUP &

LUXURY/ARTISANAL FRAGRANCE

DIVERSITY OF GROWTH

GLOBAL PRESTIGE BEAUTY IS GROWING FAST

5%

-2%

2%3%

5%

3%

5%6%

5%

7% 7% 7%7%6%

7% 7%

13%

9%

FY14 FY15 FY16 FY17 FY18 FY19E

CONSUMER STAPLES GLOBAL PRESTIGE BEAUTY

-2%

(1) Consumer Staples represents S&P Consumer Staples Index (FactSet).(2) Prestige Beauty represents 2017 Euromonitor premium fragrance, premium skincare and premium cosmetics.(3) Non- h in constant currency, adjusted for SMI shifts, returns associated with restructuring activities and ASC 606. See GAAP Reconciliation.

5%

-2%

2%3%

5%

3%

5%6%

5%

7% 7% 7%7%6%

7% 7%

13%

11%

FY14 FY15 FY16 FY17 FY18 FY19E

CONSUMER STAPLES GLOBAL PRESTIGE BEAUTY ELC

ELC HAS GROWN EVEN FASTER

-2%

(1) Consumer Staples represents S&P Consumer Staples Index (FactSet).(2) Prestige Beauty represents 2017 Euromonitor premium fragrance, premium skincare and premium cosmetics.(3) Non- h in constant currency, adjusted for SMI shifts, returns associated with restructuring activities and ASC 606. See GAAP Reconciliation.

WIN WITH MORE CONSUMERS

CHANGING DISTRIBUTION EQUILIBRIUM

TARGETED MEDIA INVESTMENT

AGILE, EMPOWERED ORGANIZATION

BREAKTHROUGH INNOVATION

NORTH AMERICA AS A GRANULAR EMERGING REGION

OUR FIVE GROWTH DRIVERS

WITH AGILITYMANAGING INVESTMENTS

GROWTH DRIVEN

BY EL & MAC

GROWTH DRIVEN BY INCREASE IN CONSUMER PULL ADVERTISING

CONTRACTION IN CHINESE SPENDING

BECCA / TOO FACED ACQUISITIONS

GROWTH DRIVEN BY CHINESE CONSUMERS AND INCREASED ADVERTISING

+5% +9% +7% +7% +12%

+93% CAGR: +24% CAGR: +8% CAGR: +6%

AVERAGE ANNUAL SALES GROWTH(1)

EPS GROWTH (1)

NET SALES(2)

FY09 FY10 FY11 FY12 FY13 FY19EFY18FY14 FY15 FY16 FY17

$7.3

(1) Non- structuring and other activities, goodwill and other intangible asset impairments, changes in the fair value of contingent consideration, the impacts relating to the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act, China deferred tax asset valuation allowance reversal for advertising and promotional expenses, impacts of SMI rollout, remeasurement of net monetary assets in Venezuela, interest expense on debt extinguishment and ASC 606. Net sales growth is in constant currency. See GAAP Reconciliation.

(2) As Reported

USD$ billions, FY09-FY19E

CAGR: ~+22%

$13.7 $14.6-$14.8

+8%

AVERAGE ANNUAL SALES GROWTH(1)

PRESTIGE BEAUTY GROWTHFAVORABLE DYNAMICS FUEL GLOBAL

PRESTIGE BEAUTY TAILWINDS CONTINUE

DEMOGRAPHIC OPPORTUNITIES

DIGITAL REVOLUTION

SHIFTING CONSUMER PREFERENCE

+ +

A STRONG BRAND BUILDING MODEL

DEVELOPINGLESS THAN $500M

NET SALES

ALL OTHER BRANDS

SCALING$500M-$1B NET SALES

LARGEGREATER THAN $1B

NET SALES

Record ~30% of net sales

Increasing success rate

Focus on hero franchises, local relevance,and best global opportunities

Improved speed to market

Superb product quality

POWERED BY DATA ANALYTICS AND CONSUMER INSIGHTS

INNOVATION

TO SUPPORT GROWTHTRANSFORMED OUR COST STRUCTURE

Non- harges associated with restructuring and other activities, goodwill and other intangible asset impairments, changes in the fair value of contingent consideration, the impacts relating to the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act, China deferred tax asset valuation allowance reversal for advertising and promotional expenses, impacts of SMI rollout, remeasurement of net monetary assets in Venezuela, interest expense on debt extinguishment and ASC 606. See GAAP Reconciliation.

FY09 FY18

$0.5

$2.3

FY09 FY18

OPERATING MARGIN 7.0%

16.6%

COST OF GOODS SOLD 25.6%

20.6%

MEDIA & PROMOTIONAL

EXPENSE25.2%

25.6%

OTHER OPERATING

EXPENSES42.2% 37.2%

9.6%

5.0%

0.4%

5.0%

OPERATING MARGIN & COST STRUCTURE

% of Net Sales, FY09 & FY18

OPERATING INCOME

USD$ billions, FY09 & FY18

>4X

EXPECT STRONG SALES AND DOUBLE-DIGIT EPS GROWTH TO CONTINUE

(1) Non-GAAP, adjusted for the adoption of ASC 606; adjusted for charges associated with restructuring and other activities, goodwill and other intangible asset impairments, changes in the fair value of contingent consideration and the impacts relating to the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act. See GAAP Reconciliation

(2) The long-term targets are non-GAAP measures that cannot be reconciled to Net sales, Earnings per share and Operating margin, their most directly comparable GAAP financial measures, without unreasonable effort primarily due to the uncertainties involved in estimating long-term adjustments necessary to reconcile to GAAP. See GAAP -GAAP adjustments.

Net Sales Growth In Constant Currency(1) +10% to +11% +6% to +8%

Operating Margin(1) ~+50 Basis Points~+50 Basis Points

Per Year

Diluted Earnings Per Share(1) $5.15 to $5.19

Earnings Per Share Growth In Constant Currency(1) +18% to +19% +Double-Digits

FISCAL 2019 ESTIMATE

LONG-TERM TARGETS (2)

75-100% recyclable, refillable, reusable,

recycled or recoverable,

packaging by the end of 2025

Glossary of key ingredients

online by the end of 2025

Set a science-based target covering our

Scopes 1,2, and 3 em issions bythe end of 2020

ELC named to 2019 Bloomberg Gender-Equality

Index.

The Breast Cancer Campaign was accepted into the Smithsonian National Museum of American

History.

ELC ranked 11 out of the top 20 websites by Bowen Craggs & CO., in the 2019

Research LLC (March, 2019).

The Breast Cancer Campaign

World Money Fair in Berlin.

100 sustainable companies.

Advanced global ranking with the Reputation Institute

from 70 to 53.

ELC launched sustainability goals on Investor Day.

ELC has been recognized as the 2nd largest

18

ELC CITIZENSHIP & SUSTAINABILITY AWARENESS INCREASING

CREATED $56B OF STOCKHOLDER VALUE SINCE 2009

FactSet: as of 5/21/19. Peers represents , LVMH, Shiseido and Amore Pacific

30-Jun-09 30-Jun-10 30-Jun-11 29-Jun-12 28-Jun-13 30-Jun-14 30-Jun-15 30-Jun-16 30-Jun-17 29-Jun-18 21-May-19

1060%

283%229%

EL S&P 500 S&P CONSUMER STAPLES PEER AVERAGE

478%

Market Capitalization$6B $61B

WE ARE THE

BEST DIVERSIFIED PURE PLAY

For sustainable, profitable long-term growth